Asia Pacific Animal Healthcare Market Value was valued at USD 40.2 billion in 2019 and is expected to witness over 5.1% CAGR from 2019 to 2026.
The growing pet companionship is one of the major factors catering to the needs of various companion and livestock animal species in animal healthcare market. The stakeholders across the world are increasing their focus on development of healthcare services and products for these animals. The focus of companion animal health is steadily increasing and results in development of new therapeutic agents and diagnostic test thereby promoting animal health and well-being in the Asia Pacific region.
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Technological advancement increases animal health care market in the region. Around 69% of millennials are inclined towards mobile apps that helps to track health habits, nutritional intake, and alert for pet care services. The increasing number of online pharmacies to provide vaccinations, supplements, injections, drugs, pet care products in the region will augment growth of market during the analysis timeframe.
The rules and regulations for animal protection and animal organization to stop animal abuse and protect them contributes to fuel growth of the market. People for the Ethical Treatment of Animals (PETA), one of the global organizations that promotes adoption of animals operates to provide public education, cruelty investigations, animal rescue, and legislation. Thus, rising demand for these organization to cater animal health and well-being contributes to bolster growth of the market in Asia Pacific region.
Asia Pacific Market Size, By Product
Veterinary services segment held a significant growth of around 4.2% CAGR during the analysis timeframe. Veterinary services include emergency treatment service, comprehensive preventive care services, pet traveling service, emergency treatment service, surgery service, and grooming service among others. These services protect the health and welfare of animals by providing integrated medical care and hospitalization for diseased animals. This fuel growth of the segment during forecasting years.
Asia Pacific Market Share, By Animal Type
Livestock animals segment held around USD 16.5 billion revenue in 2019. The increasing number of animals for milk, meat, transportation, among others compels growth of the market. Furthermore, increasing awareness among owners to maintain health and nutrition of the animals further drives market growth in the region.
Asia Pacific Market Value, By Distribution Channel
Pharmacies segment is projected to show around 6.2% CAGR throughout analysis timeline. The growing concerns on health and wellness of companion and livestock drive the market growth for pharmacies segment. Also, rising disposable income of individuals and the technological advancement in the diagnostic instruments in veterinary care to cater health of their pets will augment industry growth during the forecast period.
Asia Pacific Market Forecast, By Country
China animal healthcare market is poised to exceed USD 7.0 billion by 2019 owing to increasing consumer demand for quality meat products. Also, increasing risk of zoonotic diseases and government initiatives to ensure health of livestock suffice growth of the market in China. For instance, the China National Agricultural Development Group Corporation (CNADGC), has reformed surveillance and vaccination of livestock by investing in the R&D for animal health and wellness. The aforementioned factors augment growth of animal healthcare market in the country.
Competitive Market Share
Some of the major industry players involved in Asia Pacific Animal Healthcare Market include Bayer AG, B. Braun Melsungen AG, IDEXX Laboratories, Elanco among others. The companies are adopting various inorganic strategies such as product improvisations and collaborations and partnership to maintain market position. For instance, in December 2018, Merck Animal Health acquired Antelliq Group, a company involved in digital animal identification and solutions related to animal healthcare. This acquisition enabled the company to strengthen its market presence.
The veterinary practice and development of advanced animal healthcare paced in late 19th century. The modern animal healthcare began in 1761 in Lyon, France. However, the Asia Pacific region has rapidly grown for veterinary healthcare products and diagnostics in the recent times. The improved vaccines, analgesics, anaesthetics, and cancer treatments to animals has begun since the past 20-30 years. The level of investment in research for animal well-being in Asia Pacific has reached around 10% in the past few decades. This is attributed to advancements in veterinary diagnostics and technology and the increasing demand for food safety especially in the meat and dairy products.